Adavale Resources Extends Gold Mineralisation at London-Victoria, New South Wales

Adavale Resources Drills Out London-Victoria as New Gold Assays Extend Mineralisation Below the Historic Pit

Adavale Resources (ASX: ADD) has reported assay results from a further 13 drillholes at the London-Victoria Gold Mine in New South Wales, adding 2,751 metres to its ongoing resource drillout and taking total drilling by the company at the project to 14,155 metres. The latest results continue to support mineralisation below the existing open pit and strengthen Adavale's interpretation of a larger gold system linked to the Parkes Thrust corridor.

The update matters for investors because it adds density to the current drilling dataset ahead of a planned Mineral Resource Estimate (MRE) update targeted for mid-Q3 CY2026. Furthermore, it keeps near-term news flow active, with 26 additional drillholes already at the laboratory and two rigs still operating on site.

Headline Drill Results From the Latest London-Victoria Update

In the report, Adavale outlined results from holes drilled across both the northern and southern parts of the historic pit. The results appear to support two recurring patterns: narrower higher-grade zones in the north and broader mineralised intervals in the south.

Key reported intercepts include:

The strongest single grade in this batch came from ALRC058, where 1 metre at 10.3 g/t gold was reported within a broader 6 metres at 3.22 g/t gold interval from 35 metres. Meanwhile, ALRC059 returned 19 metres at 1.36 g/t gold from 149 metres, adding to the southern zone's broad mineralised footprint.

Managing Director David Ward commented on the results:

"The latest London-Victoria results continue to build confidence in the scale and continuity of gold mineralisation below the historic open pit. Increasing drill density is refining our geological model and improving our understanding of the controls on the higher-grade shoots. With drilling continuing across two rigs and a further 26 holes at the laboratory, we expect this momentum to continue as we work toward an updated Mineral Resource, a key step in unlocking Adavale's Parkes Thrust gold corridor."

What the New Drill Results Suggest About the Deposit

According to the announcement, the current drilling continues to support a deposit model with two styles of mineralisation.

Does the Northern Area Point to Higher-Grade Structural Lodes?

In the northern part of London-Victoria, Adavale said results from ALRC029, ALRC027 and ALRC037 support the continuity of discrete higher-grade lodes beneath the open pit floor. These are interpreted as structurally controlled shoots within volcanic host rocks.

For investors, these zones are important because higher-grade material can have an outsized effect on future resource quality. While grade alone does not determine economic potential, narrower high-grade lodes can improve the overall profile of a deposit if they prove continuous and mineable.

Southern Area Continues to Show Broader Mineralised Zones

The southern part of the pit is showing a different character. In the report, Adavale highlighted broad intercepts such as 47 metres at 0.68 g/t gold from 121 metres in ALRC056 and 19 metres at 1.36 g/t gold from 149 metres in ALRC059.

These wider zones are relevant because they may support bulk-tonnage resource growth. In practical terms, that means more mineralised rock over larger widths, which can be important when a company is working toward a larger resource base and evaluating potential mining options later in the project cycle.

Orogenic Gold Explained in Simple Terms

London-Victoria is described in the company's materials as part of an orogenic gold system. For non-specialist investors, that term is worth understanding because it helps explain why the company is focused not only on the current pit area, but also on the broader corridor.

What Is an Orogenic Gold Deposit?

An orogenic gold deposit forms when gold-bearing fluids move through major faults and fractures during ancient tectonic events. As those fluids cool and react with surrounding rocks, gold can be deposited in veins, shears and altered rock zones.

These systems are often associated with:

• Large fault zones
• Strong structural controls on mineralisation
• Multiple deposits along the same corridor
• Quartz veining and sulphide minerals such as pyrite

At London-Victoria, the mineralisation is associated with the London-Victoria Fault, which separates andesitic volcanic rocks from sediments and tuffs. The announcement describes quartz-carbonate veining, shearing and alteration including pyrite-sericite assemblages, which are commonly linked to this style of gold system.

Why Does This Matter at London-Victoria?

The exploration relevance is straightforward. If London-Victoria is one expression of a larger fault-hosted system, then the value of the drilling programme may extend beyond a single deposit.

Adavale's broader thesis is that the mineralised trend could continue south through recently acquired tenure toward the Calarie Mining Licence. That does not confirm additional resources, but it does provide a geological basis for further regional exploration across the company's wider Parkes Project.

Diamond Drilling Adds Detail to the Geological Model

All assay results reported in this update came from RC drilling, which is commonly used for faster, cost-effective sampling across broad drill programmes. RC drilling produces rock chips rather than intact core, making it efficient for resource drilling but less informative for detailed structural interpretation.

To address that, Adavale's second rig is drilling diamond core. In the report, the company said it is now on its third diamond hole, with two completed holes already logged and awaiting cutting and assay.

This part of the programme is designed to:

• Provide structural orientation data
• Improve confidence in the geological model
• Support future resource classification work
• Help target follow-up drilling on higher-grade shoots

The company has also commenced a reassessment of historical diamond hole AEIDD001, a 453-metre hole drilled before Adavale became operator. Previous sampling of this hole was selective, and the company is now reviewing unsampled and partly assessed intervals to determine whether additional cutting and assay work is warranted.

If more of that hole is sampled, it may add useful down-dip information without the need for immediate extra drilling. However, any contribution would still depend on assay outcomes.

Early Metallurgy Points to Conventional Processing Potential

Alongside drilling, Adavale disclosed preliminary metallurgical sighter testwork on three composite samples from London-Victoria. Metallurgy matters because strong drill results do not automatically translate into recoverable metal. A gold deposit also needs to respond reasonably well to processing.

The reported results were as follows:

The two higher-grade composites showed rapid leach performance, with around 68-70% of gold recovered within the first two hours of a standard 24-hour cyanide bottle roll test. Final recovery for those samples was approximately 81-83%.

In plain terms, this suggests the gold in those samples may respond to conventional cyanide leaching, which is widely used in the gold sector. The company also reported low reagent consumption across all three composites.

These are early-stage results based on limited RC reject material, and Adavale stated that further testwork using fresh diamond core is planned. For investors, this does not settle future processing performance, but it does provide a useful early technical datapoint as the project moves through the resource growth phase.

The Broader Parkes Project Remains Central to the Investment Case

London-Victoria sits within Adavale's larger Parkes Project in the Lachlan Fold Belt of New South Wales. According to the company, the project covers approximately 610 km² across 70 km of contiguous strike and includes the Calarie Mining Licence, the London-Victoria Mine and 10 additional exploration licences.

The company states that the combined project resource currently stands at 166,000 ounces of gold across London-Victoria and Calarie.

The geological setting is part of the investor appeal. The project lies in a well-known mining region that hosts major operations including Cadia-Ridgeway and Northparkes, as referenced in the ASX announcement. That regional context does not imply that Adavale's assets are directly comparable in scale or economics, but it does help explain continued exploration focus in the district.

What Investors Should Watch Next

The ASX update outlines a clear set of near-term catalysts across London-Victoria, Calarie and the broader regional portfolio.

At London-Victoria, the next steps include:

• Assay results from 26 additional drillholes
• Diamond drilling assay results
• Additional metallurgical testwork
• High-resolution airborne geophysics
• An MRE update targeted for mid-Q3 CY2026
• Preliminary scoping studies

At Calarie, the company plans:

• Airborne and/or ground magnetic survey work
• Detailed geological review and interpretation
• Follow-up RC and/or diamond drilling of historical high-grade results

Across the greenfields regional targets, Adavale outlined:

• Extension of magnetic surveys at Ashes
• Soil and rock-chip geochemistry
• First-pass drilling of priority targets

For investors, the immediate focus is likely to remain on the pending assays from the 26 holes already submitted. Those results should help determine whether the current pattern of higher-grade northern lodes and broader southern zones continues as drill density increases.

Why This Announcement Matters

This ASX update does not change London-Victoria into a development asset overnight. However, what it does is add more evidence to a growing drill dataset that is being used to refine the geological model, support a future MRE update and test the wider Parkes Thrust interpretation.

Several points stand out from the report:

• Two rigs are active, supporting steady drilling progress
• 13 new holes have added 2,751 metres of assay data
• 26 more holes are pending at the laboratory
• The project is showing both higher-grade shoots and broader mineralised zones
• Early metallurgical testwork suggests conventional cyanide leaching may be suitable
• The company is targeting an updated MRE by mid-Q3 CY2026

Taken together, the announcement points to a company still in the resource growth stage, but one that is steadily adding technical data across drilling, structure and metallurgy. For ASX gold investors tracking junior explorers, London-Victoria remains a project where continued assay flow and the next resource update are likely to be the key markers of progress.

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